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Engineer Gold Mines Increases Private Placement Amount
(via TheNewswire) Vancouver, B.C. / TheNewswire / May 6, 2019 - Engineer Gold Mines...
About this update from Engineer Gold Mines Ltd.
[{"type":"text","content":"Engineer Gold Mines Increases Private Placement Amount(via TheNewswire)\n \n \nVancouver, B.C. / TheNewswire / May 6, 2019 - Engineer Gold Mines Ltd. (EAU: TSX-V) (\"Engineer Gold\" or the \"Company\") announces that it has cancelled the previously announced private placement (see News Release, Feb 6, 2019) and arranged a non-brokered private placement of up to $1,250,000 through the issuance of up to 12,500,000 units (\"Unit\") at a price of $0.10 per each Unit. Each Unit will be comprised of one common share and one-half of one share purchase warrant (a \"Warrant\"). Each whole Warrant is exercisable to purchase one common share of the Company at a price of $0.15 per share for a period of 30 months from the date of closing of the financing. The proceeds will be used for the Phase I exploration program at the Engineer Gold Mine Property, 32 km west of Atlin in northern BC, and general working capital. Finder's fees may be payable in connection with the private placement, all in accordance with the policies of the TSX Venture Exchange.\n\n\n \nPhase I Surface and Underground Exploration Program\n\n \n \nEngineer Gold is permitted and equipped to commence an exploration program at the Engineer Gold Mine Property entailing: \n\n\n \n\n\n- Surface trenching\n\n\n\n- 3,000 metres of surface and underground exploration drilling\n\n\n\n- mine de-watering of 6 and 7 Level (8 Level pending)\n\n\n\n- underground geological mapping and sampling \n\n\n\n- test mining and bulk sampling\n\n\n\n- on-site milling and mill water discharge \n\n\n\n\n \nNew High-Grade and Bulk-Tonnage Gold Exploration Targets Defined\n\n\n \nA 2018 step-out MMI survey and previous geophysical survey have defined extensions of two main shear structures, a large intrusive stock and a number of coincidental gold-silver-arsenic-antimony soil anomalies in the immediate mine area that have never been trenched or drill tested. Engineer Gold's surface program will focus on these new targets. \n\n\n \nHeavy Equipment and Drill on Site\n\n\n \nIn 2018 the Company purchased and barged a D6 Caterpillar bull dozer and 130 Samsung excavator, fuel and a diamond drill to the Engineer Gold mine site. The heavy equipment will be utilized to develop and re-open existing roads, trench soil geochemical anomalies and construct drill pads. A custom underground diamond drill has been bu...